Lin, Yi-Mien; Chen, Shieh-Liang; Chao, Chin-Fang - In: International Journal of Economics and Accounting 6 (2015) 1, pp. 81-104
This paper finds that after controlling for board composition, firms with larger cash constraints tend to grant stock options to managers as performance rewards. The interaction item between cash constraint shortfall and past stock returns performance is positively related to stock option grant....